This article has been translated from English to Gen Z Slang.
The Venezuelan Bolivar (VEF) is like the OG cash stack of Venezuela. 💸
The currency that's in the chat right now is the “Bolivar Soberano” (Sovereign Bolivar), which dropped on August 20, 2018. It totally ghosted the “Bolivar Fuerte” (Strong Bolivar) at a wild 100,000 VEF to 1 VES exchange rate. 💥
They brought out the new moolah to try and tell hyperinflation to take a chill pill and make payments less cray. 😅
History
The bolivar’s been around for a hot minute in Venezuela. Its first version, “Bolivar Venezolano” (VEB), hit the scene in 1879. 🤠✨
The name's a whole tribute to Simón Bolívar, the big deal military and political leader who said "adios" to the Spanish Empire for Latin America. ✌️
Back in 2008, the Bolivar Fuerte (VEF) swooped in to kick the Bolivar Venezolano out at a rate of 1 VEF to 1,000 VEB, all in the name of fighting off that high inflation. 🔥
Then the Bolivar Soberano (VES) decided to upstage the Bolivar Fuerte in 2018 ‘cause hyperinflation wasn't invited to the party. 😬
Central Bank
The Central Bank of Venezuela (Banco Central de Venezuela) is the crew running the show with the country’s cash vibes, handling the coin drops, and making sure the financial scene doesn’t get too sus. 🚦
Denominations and Subdivisions
The Venezuelan Bolivar Soberano (VES) got chopped into 100 céntimos, even though nobody’s checking for those céntimos anymore thanks to hyperinflation. 🙄
The banknotes come in fashion sizes of 2, 5, 10, 20, 50, 100, 200, and 500 VES. Coins? They're letting those roll in 50 céntimos and 1 VES flavors. 🎨💰
Economy
Venezuela is all about that oil life; it’s the main hustle bringing home the GDP bacon and export stacks. 🛢️💰
The economy’s been in its feels with stuff like hyperinflation, pantry blues, and slacking oil production. 😢
They’ve tried all sorts of major moves like devaluing currency and price checks, but they’re still climbing steep hills with their economic feels. 📉
Summary
The Venezuelan Bolivar is repping as the official cash flow of Venezuela and has had multiple glow-ups ‘cause of inflation drama. 💰💔
The Central Bank of Venezuela is the MVP managing this dough and keeping the financial game strong. 🏦
Venezuela’s cash flow vibes are mainly powered by oil, but they’ve been riding the struggle bus recently with $$$ issues. 😣